Former NYC Mayor Eric Adams has come under fire after his new cryptocurrency token crashed just hours following its launch on Monday. As reported by CoinDesk, Adams’ “NYC Token” hit a $580 million market capitalization at its peak before plummeting to around $130 million at this time of writing.

Data from the blockchain analysis platform, Bubblemaps, flagged “suspicious” activity surrounding the coin. A wallet linked to the NYC Token’s deployer withdrew around $2.5 million in liquidity when the token reached its peak. It later added around $1.5 million back after the coin dropped by 60 percent, but, as noted by CoinDesk, around $900,000 wasn’t returned.

Users across X accuse Adams of a crypto rug pull, a type of scam that occurs when someone promotes a new crypto venture, but then suddenly shuts the project down, while making off with the funds they’ve raised. The “Hawk Tuah Girl” Hailey Welch faced similar accusations after the value of her newly-launched crypto token crashed after its launch in December 2024.

Adams, who has long been a backer of crypto, claimed during an event on Monday that he would put some of the NYC Token funds toward nonprofits focused on combating antisemitism, “anti-Americanism,” and to “teach our children how to embrace the blockchain technology,” according to The New York Times

The NYC Token website reveals that there are 1 billion tokens in circulation, and that the team behind the coin will take 10 percent of profits — though Adams didn’t reveal who exactly is on the team.